Bringing you the Best Analytical Legal News
ITAT said that the entire addition has been made by the AO as well as CIT based on guess work and estimation based on some alleged information received from Sales Tax Department of Maharashtra and from DGIT that “the assessee has taken bogus purchase bills without having taken any delivery of the goods”, without applying their mind.
The Revenue had submitted that the Assessing Officer is competent to consider all the material that is available on record, including that found during the search, and make an assessment of ‘total income’. While some of the High Courts agreed with the said proposition, some disagreed. The Supreme Court was, hence, called upon to resolve the conundrum.
The amendment in Section 153-C of the Income Tax, 1961 was brought and the words “belongs or belong to” were substituted by the words “pertains or pertain to” after a ruling by Delhi High Court in Pepsico India Holdings Private Limited v. ACIT, 2014 SCC OnLine Del 4155.
It is a trite law that the reasons, as recorded for reopening the reassessment, are to be examined on a standalone basis to determine the validity of proceedings under section 147 IT Act.
The Delhi High Court observed that there was an unexplained substantial delay in issuing the impugned Show Cause Notice dated 09-11-2017 and thus, is inexcusable in the eyes of law
This roundup contains many interesting rulings including the Shiv Sena Party Name and Symbol Dispute, Negligence committed by doctors and Compensation therein, Amendment to Section 178(6) of the Income Tax Act, Initiation of the Corporate Insolvency Resolution Process and more.
A clarificatory press release dated 1-03-2013 issued by the Finance Ministry pursuant to the 2013 amendment makes it clear that a Tax Residency Certificate is to be accepted and tax authorities cannot go behind it. Further, based on repeated assurances to foreign investors by way of CBDT Circulars as well as press releases and legislative amendments and decisions of the Courts, the revenue cannot go behind TRC.
This roundup revisits the analyses of Supreme Court’s judgments/orders on constitutionality of Demonetisation; Freedom of Speech of Ministers; Guidelines to withhold life support of a terminally ill patients; Tussle between Delhi Government and Centre, and more. It also covers reports on Justice SA Nazeer’s retirement; the career trajectory & important decision of Justice CT Ravikumar; Explainers on important law points; five ‘Did You Know’ facts; Cases Reported in SCC Weekly in the month of January; and a throwback from SCC Archives.
Noting that there is no disqualification for a Sikkim man, who marries a non-Sikkimese after 01.04.2008, the Supreme Court observed that the discrimination is based on gender.
While MR Shah, J, has struck down the definition of “Sikkimese” in Section 10(26AAA) of the Income Tax Act, 1961, Nagarathna, J, has called for saving the Explanation to Section 10(26AAA) and has created a stopgap ‘sub-clause (iv)’ till the Union of India makes the requisite amendment to the provision.
Bombay High Court: In the present appeal filed under Section 260-A of the Income Tax Act, 1961 preferred against the
ITAT upheld the order of the CIT and said that the assessee had only provided treatment to a few patients at concessional rates, which was less than 1% of the revenue of the assessee. Thus, the activities of the assessee cannot be said to be charitable activities and it is not entitled for registration or approval under section 10(23C) or 12A of the Income Tax Act.
The bench of MR Shah and M.M Sundresh, JJ explained the importance of the words “or otherwise” inserted to Section 45(4) of the Income Tax Act, 1961 by the Finance Act, 1987
Supreme Court: In a case wherein the appeal challenged the final judgment and order passed by the High Court of
Supreme Court: While deciding a case filed under Section 125 of Code of Criminal Procedure (CrPC), in which the appeal
Supreme Court: Interpreting the proviso to Section 2(15) of the Income Tax Act, 1961 (IT Act) introduced by amendment w.e.f. 01.04.2009, the
“In a knowledge based, information driven society, true wealth is education – and access to it. Every social order accommodates, and even
Income Tax Appellate Tribunal (ITAT), Jaipur: While deciding the instant appeal revolving around the addition of the assessee’s generational streedhan as unexplained
On 19-09-2022, the Ministry of Finance has notified the Income-tax (31st Amendment) Rules, 2022 in order to amend Income-Tax Rules 1962 which
Delhi High Court: On a question of law before the Court that whether the Income Tax Appellate Tribunal (‘ITAT’) erred in law